KEY POINTS
- Uniper will import over 30 terawatt-hours of gas a year from Equinor from 2027 until end-2041.
- The deal equals nearly 3 percent of Germany’s gas imports and is Equinor’s first contract into the 2040s.
- Norway already supplies 44 percent of German gas imports, having replaced Russia after its invasion of Ukraine.
Germany’s Uniper has signed a deal to import more than 30 terawatt-hours of gas a year from Norway’s Equinor from 2027, reinforcing Norway’s role as the top supplier to Europe’s biggest economy.
The companies announced the agreement on Monday. Moreover, the deal covers about 2.8 billion cubic metres of gas a year, runs until the end of 2041 and equals nearly 3 percent of Germany’s annual gas imports.
Diversifying Germany’s gas supply
According to network regulator Bundesnetzagentur, Norway already supplies 44 percent of Germany’s gas imports, having taken Russia’s place after Moscow cut most energy ties over its invasion of Ukraine. Furthermore, the Equinor contract extends Uniper’s push to spread its sources, following a recent purchase agreement with Canada as buyers chase security after shortages tied to the Iran war.
Chief executive Michael Lewis said Uniper needs to rebuild its portfolio, and that the deal could not land at a more important time. Still, he stressed that recent market turbulence makes diversification critical, whether through pipelines or liquefied natural gas, and across different suppliers and routes.
A signal of long-term gas demand
Equinor chief Anders Opedal said the contract sends a strong signal that Norwegian gas will stay in demand for years, noting it is the company’s first deal stretching into the 2040s. Consequently, both executives framed Norwegian supply as central to European energy security.
Moreover, the companies said they would deepen cooperation on lower-emission gas projects, pointing to the relatively low carbon intensity of Norwegian gas, though they gave no details. Lewis added that gas remains a necessary transition fuel as Germany phases out coal, since more near-term gas paired with carbon capture could cut emissions. However, Opedal declined to say whether Equinor wants a stake in Uniper, which Berlin aims to sell after rescuing it in 2022.
